Customer Relationship Management (CRM)

Consumer Understanding

There are some external elements a company must consider before implementing strategic marketing initiatives such as CRM. However, the first and foremost element the business must assess is the customer.

At id/x partners, we believe in putting customer first in every step of the customer strategy development and implementation. Simply asking customer what they want and what they expect may not give the business the answers they need. First, customers don’t always say what they want, and when they do, they don’t always mean what they say. Second, even when they tell you what they mean, they are not always articulate in doing so. We believe that to have a successful CRM implementation, business, in addition to asking customers what they want, needs to involve their customers in the development stages to ensure timely and continuous feedback.

id/x partners have a breadth expertise and deep knowledge when it comes to research methodology and research development, which are the essential skills to really understand what customers really say explicitly, and implicitly.

Customers are not created equally. Different customer needs to be treated differently. Customer segmentation model developed by id/x partners will reveal key traits exhibited by different segments which can be used for tailored and targeted treatment.

id/x partners will work with clients in devising the appropriate treatment which can vary from usage promotion, retention program, differential pricing, etc. And each action can be further customized based on 2nd layer segmentation such as demographics and life-style information.

Response Model

With response model, it is possible to design, test, and implement more effective strategies for acquiring, growing and serving customers. Some of the areas that can be addressed with a response model are

Product cross-sell and up-sell

Direct mailing solicitation

Activation/promotion program

The ultimate solutions will be to have a specific response model for each product/program, so that for each customer, the company know the right product to offer and apply a 1 to 1 relationship management.

Another specific application in retail industry is market basket analysis which evaluates product affinity and helps the store in product bundling as well as more productive store layout.

Behavior Score

Behavior score is a decision-making solution based on customer behavior and life-style.

This powerful tool plays an important role in banking, credit card, insurance, and telecommunication industries as it helps solving business issues, such as:

Contractual credit loss

Fraud

Bankruptcy

Customer attrition or churning

Account management

With the capability of identifying which customers will turn ‘bad’ in the future, id/x partners together with the business can develop proactive strategy to reduce the potential loss months before the customers actually become bad. On the ‘good’ customer group, different sets of action can be taken to improve the profitability and retain the customers.

To find-out how Behavior Scoring solution can help business during economic changes, please see our case study.